New £1 coin: British public stand to lose £1.1bn of loose change hoarded in piggybanks, jars and drawersThe new 12-sided coin will come into circulation across the UK next month and shops have been told to stop accepting the traditional round coins on 15 October

Maybe it's a sign of the times. In some countries quite a few years ago they minted coins with holes because people were so poor that they couldn't afford pockets and carried their meagre collection of coins in strings round their necks. I remember as a child I had one the size of a pre-decimal penny from what was then Tanganyika.

Old £1 coin taken out of circulation in ONE month - what should you do if you’ve still got one?

Everyone should now be familiar with the 12-sided £1 coins, which entered circulation at the end of March and have slowly been making their way into the pockets of people across the country.

Now, Britons are being urged to spend their old pound coins before they cease to be legal tender on October 15, exactly one month from today.

March to September is known as the "co-circulation" period, during which both old and new £1 coins can be accepted in shops. However, from October 16 the coins will no longer be accepted in shops, restaurants and other retailers.

Any unspent £1 coins after October 16 can be traded in at banks, but this is only a temporary option – so it is a good idea to spend or exchange the coins now to avoid not being able to in future.

The Royal Mint said: "We would encourage you to spend, bank or donate your round £1 coins before October 15."

Sounds like coin chaos on the way: some shops will keep accepting the old £1 coins, Sainsbury’s and Tesco haven't modified all their trolleys to accept the 12-sided coin and some railway ticket machines haven't been converted, according to the Telegraph